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    Glomo Secures Visa's Principal Membership, Becomes India's First Non-Bank Acquirer to Join the Network
    India's forex reserves jump USD 1.08 billion to USD 676.237 billion
    Boult Earbuds in India 2026: Five Reasons They are the Smartest Budget Pick
    Stock markets extend losses for 5th straight day on US trade tariffs, West Asia tensions
    China slaps export controls on 14 EU entities in retaliation for Russia-related sanctions
    Rupee recovers 18 paise to settle at 96.55 against US dollar
    Infosys: AI Revenues at 8.2% in Q1; Resilient Operating Margin of 21.1%
    Shares skid in Asia in sell-off of AI-related shares as Brent oil trades near $100 per barrel
    30-member Indian commerce chamber delegation to visit Sri Lanka
    Rupee rises 22 paise to 96.51 against US dollar in early trade
    ED conducts raids in UP, Delhi and Punjab in Rs 450-crore bank loan 'fraud'
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    NICDC Organises Cross-Learning Site Visit to AURIC Smart City to Strengthen Industrial Corridor Development
    India Concludes Eighth Trade Policy Review at WTO in Geneva
    US' temporary 10 pc tariff set to expire on Friday unless extended or new duties announced
    PNB to establish Quantum Finance Innovation Hub in Amaravati
    Infosys veteran Ashiss Kumar Dash to succeed Salil Parekh as new CEO in 2027
    Gold falls Rs 400 per 10 grams amid surging oil prices
    PNB and Andhra Pradesh sign MoU to establish India's first Bank-led Quantum Finance Hub at Amaravati
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    July 24, 2026
    Show AI Summary
    Direct card acquiring enables cross-border merchants to manage payment processing, settlement, risk monitoring and disputes without intermediary acquirers.
    Visa Principal Membership enables Glomo to operate as a direct non-bank acquirer for Visa-powered merchant card payments through GIFT IFSC. It allows direct management of merchant acquisition, processing, settlement, transaction approval optimisation, fraud and risk monitoring, and dispute and chargeback handling without intermediary acquirers. The arrangement is intended to accelerate onboarding and processing, enhance control over risk policies and merchant experience, and support cross-border acceptance and settlement, including management of multiple currencies, banking systems and regulatory requirements.
    July 24, 2026
    Show AI Summary
    Foreign exchange reserves rose as foreign currency assets increased, while gold reserves fell and IMF reserve position declined.
    Foreign exchange reserves increased during the reported week, principally because foreign currency assets rose, including valuation effects from movements in non-US currencies held in reserve. Gold reserves declined, Special Drawing Rights increased, and the reserve position with the International Monetary Fund decreased. Earlier reserve declines were associated with rupee pressure and foreign-exchange market intervention through dollar sales.
    July 24, 2026
    Show AI Summary
    Consumer electronics financing enables instalment purchases of affordable earbuds through in-store loan and reusable credit facilities, subject to approval.
    Affordable Boult earbuds are described as offering extended battery life, fast charging, dynamic drivers, low-latency gaming modes, Environmental Noise Cancellation, Bluetooth connectivity, and selected active noise-cancellation features. Models are compared by audio, calling, gaming, and charging specifications. Purchases through partner stores may be financed through an Easy EMI Loan or Insta EMI Card, subject to in-store application and approval, with instalment tenures and possible zero-down-payment offers on selected models.
    July 24, 2026
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    Trade-tariff concerns and oil-price volatility deepen risk aversion, extending equity market losses amid geopolitical tensions and foreign outflows.
    Indian equity markets extended their losing streak amid caution over United States trade-tariff concerns, West Asia tensions, oil-price volatility, foreign equity outflows and selling in selected blue-chip shares. Higher oil prices were identified as a potential pressure on macroeconomic indicators and growth prospects. New import tariffs were described as a constraint for export-oriented economies, particularly technology-heavy markets, while investors may diversify exposure across emerging-market opportunities.
    July 24, 2026
    Show AI Summary
    Dual-use export controls restrict supplies to European entities amid reciprocal Russia-related sanctions and non-proliferation concerns.
    China imposed dual-use export controls on 14 European entities in response to European Union sanctions affecting Chinese and Hong Kong enterprises. Chinese companies cannot export dual-use items to the listed organisations, and foreign companies are barred from supplying them with dual-use items made in China. China stated that the restrictions protect national security and interests and support international non-proliferation obligations in the context of Russia-related sanctions.
    July 24, 2026
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    Foreign-exchange market intervention supported rupee stabilisation amid investor outflows, weak equities, geopolitical tensions and elevated crude oil prices.
    Foreign-exchange market conditions supported a rupee recovery against the US dollar following reported Reserve Bank of India intervention and dollar sales by public-sector banks. Pressure on the currency persisted due to foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions and elevated crude oil prices. Lower crude prices, a weaker dollar index and further central bank intervention were identified as potential stabilising influences.
    July 24, 2026
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    Forward-looking statements receive safe-harbor qualification amid reported IFRS performance, AI-led transformation initiatives, and revised revenue-growth guidance.
    Infosys reported first-quarter IFRS financial performance, including revenue growth, operating margin, earnings per share, free cash flow, and large-deal contract value, while revising revenue-growth guidance and retaining operating-margin guidance. The release describes AI-led enterprise transformation, cloud modernization, digital banking, financial-crime operations, and technology services engagements. Forward-looking statements are subject to safe-harbor protection and may differ materially because of business, talent, economic, technological, regulatory, cybersecurity, litigation, investigation, and tariff-related risks.
    July 24, 2026
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    Forced-labour import enforcement drives new tariffs as expiring stopgap levies and market uncertainty heighten trade-compliance concerns.
    Import tariffs were announced on goods from trading partners said not to have fully enforced prohibitions on products made with forced labour. The measures apply to imports from 60 trading partners representing most United States imports and were introduced as existing stopgap levies approached expiry, following a Supreme Court setback affecting other tariff measures. The announcement occurred amid market uncertainty linked to energy-route disruptions, rising crude-oil prices, inflation concerns, and scrutiny of artificial-intelligence investment spending.
    July 24, 2026
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    Cross-border commercial engagement supports Indian and Sri Lankan businesses in identifying partnerships and strengthening trade and investment relationships.
    Cross-border trade and investment engagement between India and Sri Lanka is proposed through a commerce chamber delegation representing diverse Indian industry sectors. A networking session is intended to enable direct interactions between businesses, identify partnership opportunities, discuss commercial collaboration and develop new business connections. The engagement seeks to strengthen commercial relationships across participating industries within the established bilateral trade and investment relationship.
    July 24, 2026
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    Foreign exchange market intervention limited rupee depreciation amid elevated oil prices, importer dollar demand, capital outflows and equity market weakness.
    Foreign exchange market conditions reflected an early appreciation of the rupee against the US dollar, with likely central bank intervention through state-owned banks reported as limiting sharper depreciation. Softer dollar conditions provided limited support, while elevated crude oil prices increased dollar demand from oil marketing companies and sustained importer buying pressure. Foreign institutional investor equity outflows, domestic equity weakness, and West Asia tensions affecting oil prices also influenced the rupee.
    July 24, 2026
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    Money-laundering investigation examines alleged bank-loan fund diversion through shell entities, accommodation entries, fake invoices and circular transactions.
    A money-laundering investigation under the Prevention of Money Laundering Act concerns alleged bank-loan fraud involving Santosh Overseas Ltd., its promoters and linked entities. Searches were conducted at premises in Uttar Pradesh, Delhi and Punjab. The investigation, arising from a Central Bureau of Investigation case, alleges diversion and layering of loan funds through shell entities, accommodation-entry operators and related companies by means of purportedly fake invoices and circular financial transactions.
    July 24, 2026
    Show AI Summary
    Forced-labour import prohibitions shape tariff treatment as India's policy amendment secures a lower rate for imported goods.
    Forced-labour import prohibitions are linked to tariff treatment under Section 301 of the Trade Act of 1974. Goods imported from India receive a lower tariff rate after India amended its foreign trade policy to prohibit imports of goods produced using forced labour. The framework excludes certain raw materials, goods causing economy-wide disruption, and products unavailable in sufficient domestic quantities. India has contested the underlying investigations and proposes that the issues be addressed through a bilateral trade agreement.
    July 24, 2026
    Show AI Summary
    Integrated industrial city development promotes cross-learning on digital governance, investor facilitation, infrastructure planning and plug-and-play industrial parks.
    Industrial corridor development is being supported through cross-learning on AURIC Smart City's integrated planning, infrastructure and governance practices. The programme addresses master planning, utility systems, digital monitoring, land utilisation, investor facilitation, project implementation and coordination among implementing agencies. It also considers application of these practices to the Bharat Audyogik Vikas Yojana for plug-and-play industrial parks, with emphasis on integrated utilities, digital land management, investor-friendly approvals, sustainable infrastructure and multimodal connectivity.
    July 24, 2026
    Show AI Summary
    WTO trade policy review highlights India's commitment to transparent trade rules, development policy space and multilateral engagement.
    India reaffirmed an open, transparent, predictable and WTO-consistent trade and investment regime through tariff reform, customs simplification and free trade agreement initiatives. Its trade policy was presented as balancing developmental needs with WTO principles: agricultural tariffs protect vulnerable farmers, while industrial tariffs support supply-chain resilience and domestic manufacturing. India also committed to transparent, consultative and rules-compliant sanitary measures, technical regulations and trade remedies, with investigations based on objective evidence, due process and judicial oversight, including continued application of the Lesser Duty Rule in anti-dumping matters.
    July 23, 2026
    Show AI Summary
    Temporary Section 122 surcharge expiry may restore MFN treatment for Indian exports, while Section 301 tariff uncertainty continues.
    The US temporary Section 122 import surcharge on Indian goods is scheduled to expire unless extended or replaced, restoring affected imports to normal US MFN tariff treatment. Liability depends on entry for consumption or warehouse withdrawal. Section 232 national-security tariffs remain unchanged. Indian exports may still face fresh measures under Section 301 investigations into forced labour and excess manufacturing capacity, alongside potential country-specific or sectoral tariffs. The expiry may improve export competitiveness and market access, particularly for labour-intensive and MSME-driven sectors.
    July 23, 2026
    Show AI Summary
    Quantum finance innovation will advance secure digital banking through cybersecurity, fraud detection, collaborative research, workforce development and digital literacy.
    A Quantum Finance Innovation Hub is proposed to apply quantum technologies to banking through stronger cybersecurity, proactive financial-fraud detection and secure digital financial ecosystems. The initiative will bring together industry, academia, startups, research organisations and government agencies to promote innovation in quantum computing, artificial intelligence and related technologies. It also focuses on workforce development, digital literacy, public confidence in digital financial services, and technology-enabled responses to cybercrime and digital-arrest scams.
    July 23, 2026
    Show AI Summary
    Chief executive succession plan appoints a CEO designate, subject to shareholder approval, for an AI-led corporate leadership transition.
    Corporate leadership succession at Infosys is proposed through the appointment of Ashiss Kumar Dash as Managing Director and Chief Executive Officer designate from 1 April 2027. The five-year appointment is subject to shareholder approval and follows a recommendation of the Board's Nomination and Remuneration Committee. The incumbent will remain in office until the transition date and support an orderly transfer of responsibilities. The succession plan identifies the CEO designate's business, technology-delivery, client and global operations experience as relevant to AI-led transformation.
    July 23, 2026
    Show AI Summary
    Bullion market pressure intensified as rising oil prices, inflation concerns and restrictive monetary policy expectations weakened gold and silver sentiment.
    Gold and silver prices declined amid weaker global bullion trends, profit-booking, and higher crude oil prices linked to Middle East tensions. Market commentary associated the decline with inflation concerns and expectations that major central banks may sustain restrictive monetary policy for longer. Gold was described as facing near-term pressure from higher interest-rate expectations, inflation risks, and geopolitical uncertainty.
    July 23, 2026
    Show AI Summary
    Quantum finance innovation will develop secure, AI-enabled banking solutions through collaborative research, startup incubation, cybersecurity enhancement and workforce development.
    Quantum finance innovation is to be advanced through a memorandum of understanding for establishing the PNB Quantum Finance Hub at Amaravati Quantum Valley. The hub will develop, test and support adoption of secure, intelligent and future-ready banking solutions using Quantum Computing and Artificial Intelligence. It will bring together industry, academia, startups and government agencies for research, innovation, incubation and acceleration of financial technologies, focusing on cybersecurity, fraud detection, operational efficiency, risk management and customer experience.
    July 23, 2026
    Show AI Summary
    Foreign investment in inventory-based e-commerce is allowed only for exports of Indian-made goods, while domestic retail remains prohibited.
    Foreign direct investment in inventory-based e-commerce is permitted exclusively for exports of goods or products manufactured or produced in India. Restrictions on business-to-consumer and inventory-based e-commerce do not apply to these exports, subject to the Foreign Trade Policy 2023 and export regulations. Foreign direct investment in inventory-based e-commerce retailing for domestic sales remains prohibited, with the revised position taking effect upon the relevant foreign exchange notification.

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      Customs & Trade

      What to know about Group of Seven summit in Canada that Trump will attend

      June 13, 2025

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      Toronto, Jun 13 (AP) US President Donald Trump will arrive Sunday for a Group of Seven summit in a country he has suggested should be annexed and as he wages a trade war with America's longstanding allies.

      Trump's calls to make Canada the 51st US state have infuriated Canadians, and Prime Minister Mark Carney, who won his office by pledging to confront the US president's increased aggression, now hosts the G7 summit.

      Carney asserted this week that Washington no longer plays a predominant role on the world stage, imposing tariffs for access to its markets and reducing its contributions to collective security.

      Carney has decided to abandon the annual practice of issuing a lengthy joint statement, or communique, at the summit's conclusion as French President Emmanuel Macron did at the G7 summit in France in 2019.

      The document typically outlines the consensus reached by leaders on summit issues and provides a roadmap for how they plan to tackle them.

      Trump roiled the 2017 meeting in Italy over the climate change passage in that summit's final statement. He then withdrew his support from the 2018 communiqué after complaining he had been slighted by then Canadian Prime Minister Justin Trudeau, the host that year.

      The leaders of the world's richest countries begin arriving Sunday in the resort town of Kananaskis, Alberta in the Canadian Rockies.

      Who will attend The Group of Seven comprises Canada, the United States, France, Italy, Japan, Germany and Britain. The European Union also attends as well as other heads of state who are not part of the G7 but have been invited by Carney.

      Ukrainian President Volodymyr Zelenskyy will attend and is expected to meet with Trump, a reunion coming just months after their contentious Oval Office encounter, which laid bare the risks of having a meeting with the US president.

      Other world leaders will be meeting with Trump both in a group setting and for bilateral talks, which are often precarious as foreign leaders must navigate between placating and confronting him.

      “Anything could happen. The Canadians would be crazy not to anticipate something. We can't tell. That's Trump stock and trade. He likes to keep everyone guessing,” said Robert Bothwell, a University of Toronto professor of Canadian history and international relations.

      “It all depends what kind of theater he's going to want to have,” he said.

      Mexican President Claudia Sheinbaum will attend and said she expects to have her first in-person meeting with Trump. On his way to Canada, Macron is making a notable stop in Greenland, the semi autonomous Danish territory that the US president has also suggested annexing.

      Among the other newcomers are German Chancellor Friedrich Merz, Prime Minister Keir Starmer and Japanese Prime Minister Shigeru Ishiba.

      Starmer will meet with Carney on Saturday in Ottawa before flying to Alberta.

      Carney also invited Indian Prime Minister Narendra Modi, despite accusations from Canada's national police force that agents of Modi's government were involved in “widespread” violence in Canada.

      Saudi Arabia's Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, was invited but will not attend.

      Will Trump upstage this G7 too? The 2018 G7 summit in Quebec was thrown into disarray after Trump called Trudeau “dishonest” and “weak," while complaining that he had been blindsided by Trudeau's criticism of Trump's tariff threats at a summit-ending news conference. Trump pulled out of the G7 group statement just as it was released.

      “We weren't too happy because we thought we managed to pull off a pretty good summit,” said Peter Boehm, Canada's deputy minister for the Quebec summit." The reaction — and I was with Mr Trudeau at the time — was a bit of disbelief." Boehm expects a chair's summary from Carney this year instead of a joint statement from the leaders.

      During the Quebec summit, Trump also insisted on Russia's readmission to the elite group, from which it was ousted in 2014 following President Vladimir Putin's annexation of Crimea.

      “Trump raised that at the foreign policy dinner," Boehm recalled. “It was a bit awkward because British Prime Minister Theresa May was there and some British citizens had just been killed by Russian operatives using a toxic agent.” Former Russian spy Sergei Skripal and his daughter, Yulia, were targeted in a nerve agent attack a few months before the Quebec summit in the English city of Salisbury.

      Looming tariffs US Ambassador to Canada Pete Hoekstra has said that Carney has been quietly holding direct talks with Trump about a trade deal in the lead up to the summit. Separately, top Canadian cabinet ministers have also been in Washington for negotiations in recent weeks.

      Trade tensions may be unavoidable. The United States runs trade deficits with all G7 countries except the United Kingdom. In an effort to balance what he describes as America's lopsided trade relations, Trump has imposed 10% import taxes — tariffs — on almost every country in the world. He also announced bigger tariffs, then suspended them, on countries that sell more to the United States than they buy.

      “The big X Factor (is) the looming tariffs,” said Max Bergmann of the Center for Strategic and International Studies.

      “The G7 is supposed to provide global economic governance. And the way the Europeans see it right now is that the country that's the source of major instability in global economic affairs is the United States.'' Trump's trade wars are already threatening the world economy. The World Bank on Tuesday sharply downgraded its forecast for global economic growth this year, citing “a substantial rise in trade barriers.'' A prelude to NATO summit NATO Secretary-General Mark Rutte will attend the G7 meeting ahead of this month's NATO summit and has said most US allies in the alliance endorse Trump's demand that they invest 5% of gross domestic product on their defense needs.

      Carney said this week Canada would meet NATO's current 2% target but seemed to suggest he would not support 5%, saying his goal is to protect Canadians, and not to satisfy NATO accountants.

      Why such a remote location Law enforcement overseeing security expect large protests but say protesters won't be able to get anywhere near Kananaskis, as access roads to the summit will be closed to the public.

      The Mounties say there will be designated G7 demonstration zones in Calgary and Banff, Alberta that will have live audio and video feeds, which will be broadcast to G7 leaders and delegations at the summit. Kananaskis also hosted a G8 summit in 2002. (AP) NSA NSA

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